Abu Dhabi-based investment and holding company, ADQ, and Azerbaijan Investment Holding (AIH), a sovereign wealth fund, have formed a joint investment platform.
The joint venture will focus on investments in sectors of mutual priority and interest, such as agriculture, technology, pharmaceuticals and energy infrastructure.
ADQ and AIH will each hold a 50 per cent interest in the venture, with each party committing $500 million to the platform.
"The establishment of this joint investment platform not only strengthens the bilateral ties between our two countries but also underscores ADQ’s commitment to fostering meaningful partnerships in strategic markets that align with our investment priorities," said Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ.
"This partnership reflects the significance of economic, political and commercial relationships between the two countries," added Mikayil Jabbarov, Minister of Economy of Azerbaijan and Member of the Supervisory Board at AIH.
Global equity markets, including from the U.S., Europe and Asia, rose while oil prices fell on Wednesday, as traders cheered news of ceasefire proposals to de-escalate the ongoing conflict in the Middle East.
Australia's centre-left government has introduced legislation in the parliament to double penalties for fuel price gouging on Wednesday as global supply disruptions due to the Iran war triggered fuel shortages in some rural regions.
Gulf markets ended mixed on Tuesday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential US-Iran talks.
Australia and the European Union on Tuesday signed a trade deal marking the culmination of years of negotiations, as Europe seeks to diversify its export markets and expand ties beyond its traditional partners.
Weaponising the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets, asserted Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, while addressing CERAWeek in Houston, Texas.